2.7% income growth predicted for U.S. in 2016
U.S. workers will see real income growth of 2.7% in 2016, buoyed by low inflation, predicts a salary forecast by Korn Ferry Hay Group.
The U.S. trend echoes a worldwide one, says the global advisory firm, which has several offices in the United States. People around the world, collectively, should see a 2.5% uptick in income, the biggest wage increase in three years.
Workers in Asia will see the largest percent increase in real income, 4.2%. There, the greatest real wage increase is forecast for Vietnam, at 7.3%.
Latin American countries as a whole are expected to see real wage cuts of 1.4%. There, Venezuela workers are set to experience the most significant cut to real income, 52.6%, of anywhere in the world.
In the United States, according to the forecast, a salary increase of 3% will be offset slightly by inflation projected to be 0.3%.
Data were drawn from Hay Group PayNet, which contains information on more than 20 million job-holders in 24,000 organizations in 110 countries.